TCCL receives General Insurance for Digital award in the Malaysia Technology Excellence Awards
It was awarded for revolutionising GoInsuran.com
Tan Chong Insurance Business Stream (TCIBS), the insurance and business division of Tan Chong Motor Holdings Berhad (TCMH Group), saw a business opportunity to develop and grow a new web aggregator in the local market that offers highly attractive, innovative, and competitive general insurance products.
In pursuing this, it looked at including curated products which appeal to all customer segments by partnering with its established panel of 14 insurers and takaful operators and collaborating with strategic alliances.
The resulting product came to be GoInsuran.com, which was launched in December 2020 as a fully local start-up digital platform that is poised to grow and thrive in the highly competitive fintech sector.
It was designed to embrace emerging technologies and solutions as a way to optimise and enhance its customers' journey and experience with cost savings through a carefully designed and planned digital blueprint.
The plan was to develop GoInsuran.com as the biggest fully homegrown market aggregator by 2025 under Malaysia’s MyDIGITAL Blueprint 2025 Plan to serve the public who is fast adopting digital ways in their lives.
This led to GoInsuran.com being able to offer numerous technology solutions and value-added services. It also has some points that are still in the digital pipeline that will be made available.
Some of these include the offering of alternative payment solutions such as the Buy Now Pay Later feature. This is to mainly assist the B40 and M40 market segments in receiving basic protection insurance through affordable instalment payments. Particular detail was added to those without any credit facility in place. It also include 3 main languages.
It has also fully automated the generation of real-time “live quotes”, which are received within three minutes of data submission. Chatbots are also available to assist customers with lapsed or expired policies or certificates.
This automated feature improved the accuracy and turnaround time, reduced operating costs through digital solutions, and enabled product transparency without any added cost to its customers.
From here, the company is set to constantly collaborate with its strategic partners in order to offer competitive products.
For this project, TCCL received the Digital - General Insurance award in the recently concluded Malaysia Technology Excellence Awards hosted by Singapore Business Review.
The annual awards programme recognises exceptional companies who are riding the disruption wave and are leading the technological revolution and digital journeys of their respective industries to boost Malaysia’s fast-growing economy.
In granting this award, the judging panel recognised the milestones reached by the company such as the generation of fully-automated live quotes within three minutes, the availability of chatbots and live agents, and the dedication to continually collaborate to improve the product.
According to the company, it is moving forward in growing GoInsuran.com as a proudly Malaysian product to benefit Malaysians. It aims to be at the forefront of innovative digital platforms that embrace new and emerging technology.
It also said that it has its eyes set on being an example of a higher standard for its peers in this highly competitive market to better serve its customers.